Since it is difficult to determine whether fund performance is due to skill or luck, investors should use fees as a criterion when selecting funds because fees reduce returns. This study provides comparisons of expense ratios of domestic and international open-end and closed-end equity funds. A univariate analysis of expense ratios indicates that domestic open-end funds generally have higher expense ratios than domestic closed-end funds. This is accounted for by the existence of loads and 12b-1 plans. Among international funds, closed-end funds always have higher expenses. Regression analysis shows a weak relationship between level of expenses and returns. Key words: Mutual funds, Equity funds, Expense ratios

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